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Author Topic: How Bitcoin mining works?  (Read 10633 times)

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Offline troy28

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Re: How Bitcoin mining works?
« Reply #15 on: March 27, 2018, 03:47:45 PM »
Does cloud mining still profitable? as per other mining the return is very slow. you have to invest more to feel your earning, i came accross this hashmonster.io site and they will start this April, im planning to try this one, any two cents? i think they are worth a try because you can sell or stop your contract anytime and resell it so you could have your investment back unlike the old cloud mining where you dont have a choice but wait. i think this hashmonster.io mining is worth a try. Any idea guys?


Offline EllenLiao

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Re: How Bitcoin mining works?
« Reply #16 on: March 27, 2018, 10:53:45 PM »
As a Newbie, the article explains mining clearly to me. I'd recommend people to check this out.
But in the explanation to five year old child, it's a little confusing.  ??? So basically, miners have two ways to earn cryptocurrency: 1. mine blocks and contributing computer power to blockchain (every miner is solving the same mathematical problem at a time, and the first solver could gain the new releasing cryptocurrency as a reward). 2. process the transaction for users in the blockchain. Transaction fee is existing crypto currency that will pay for miners.

Lmk if there's any concept should be corrected.  8)
« Last Edit: March 27, 2018, 11:54:41 PM by EllenLiao »

Offline yazzy

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Re: How Bitcoin mining works?
« Reply #17 on: April 11, 2018, 02:18:05 PM »
Nice post! Thanks for the link! I used to wonder how it works.  I guess some who are actively participating in bitcoin transactions know not much about it.  Nice summary jitenrajput by the way.

Offline Coinini

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Re: How Bitcoin mining works?
« Reply #18 on: April 12, 2018, 08:56:24 AM »
Im not sure if mining is best way to earn money, but for sure it's waste of energy. I prefer trading. Well, there are already alt coins with real value thanks to emission mechanism tied to their supply. There are innovative alt coins which are generated due to distribution of storage cloud supply (in form of computational power and disc space). I thing it will be next step in cruptocurrency development...Time will see if Im right, but project is worth to follow.

Offline holdandrelax

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Re: How Bitcoin mining works?
« Reply #19 on: April 16, 2018, 02:20:31 AM »
Is it still profitable to mine?

Offline Coinini

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Re: How Bitcoin mining works?
« Reply #20 on: April 16, 2018, 06:02:27 PM »
I was a miner of Bitcoin for some time but currently I thing that it's a waste of energy. I prefer trading to get money. Otherwise, Im sure soon mining will be less and less popular because there will be more coins like mentioned above Nebula Network, where emission mechanism is tied to their supply. It makes that rate of exchange is rock stable and free from btc rate turbulences.

Offline Garden

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Re: How Bitcoin mining works?
« Reply #21 on: April 18, 2018, 11:21:07 AM »
Bitcoin mining is a computer processing in order to ensure the security and verification of all the transactions made between one user and other. These transactions are made over a decentralized network. Hope you people will get an idea about the mining.

Offline Zoey_iam

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Re: How Bitcoin mining works?
« Reply #22 on: April 18, 2018, 11:54:18 PM »
It's not an easy topic to discuss but thanks for sharing the information.  It's something i definitely would like to do eventually.

Offline Zoey_iam

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Re: How Bitcoin mining works?
« Reply #23 on: April 20, 2018, 12:42:42 PM »
Whenever I get puzzled and confused about this topic I always go to your link. :D


 

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